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Asia has long been a weakness for BNP Paribas, but there are signs that recent efforts to improve local coverage are finally paying off. The Asian arm of Aberdeen Asset Management, one the bank's most important clients, has appointed it for the fund administration and global custody of their Select and South-East Asia funds. BNP Paribas Trust Services Singapore Limited is the new trustee for the Select funds. Low Hon-Yu, director of Aberdeen Asset Management Asia, said: "We wanted to consolidate our middle and back office functions under one roof to minimise both costs and risks. This was of utmost importance as, in a fragmented region such as Asia, the front office relies heavily on the local expertise of the middle and back office. In that respect, the role of BNP Paribas Securities Services within our global operating model is a key component to support our growth plan in the region".
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